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****** Scenario 5: Kiddie Tax Thomas and Jessica's child...

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Accounting

******
Scenario 5: Kiddie Tax
Thomas and Jessica's child (age 15) has the following unearned income:
Interest and Dividends: $3,500
Capital Gains Distributions: $1,000
Parents taxable income puts them in the top tax bracket.
Calculate:
The potential tax liability on the child's income under the Kiddie Tax rules.
Discuss the purpose of the Kiddie Tax.

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